Following the path of the likes of Indian Institute of Management Ahmedabad (IIM-A) and National Institute of Design (NID), the Ahmedabad University (AU) has launched VentureStudio, a new Center for Innovative Business Design in Ahmedabad in collaboration with Center for Design Research at Stanford University (CDR).
VentureStudio, an incubation centre like that of IIM-A and NID, will bring together local and international resources to develop an ecosystem for innovative start-up ventures. The centre will invite support of faculty members and researchers of Stanford University, apart from leveraging on its network.
"Ahmedabad has all of the raw material to be the Silicon Valley of India, and this is a small step towards establishing an ecosystem that identifies, supports, and rewards innovation and entrepreneurship," said Sanjay Lalbhai, president of Ahmedabad University and chairman and managing director, Arvind Ltd.
The new centre will work with multidisciplinary teams of visionaries to create products and services that meet felt needs of individuals and communities.
VentureStudio expects to launch 2-3 new ventures per year wherein participants will work together in teams, prototype and test their ideas, and learn from seasoned mentors with a track record of launching successful ventures.
What's more, AU has also tied up with other network partners including Delft University of Technology, Netherlands , IIM-A, the Indian Institute of Technology, Gandhinagar (IIT-Gn), and NID.
Of the top 150 companies in the Silicon Valley, 50 companies whose founders were affiliated with Stanford had a total market capitalization of over $400 billion in 2009, according to the Wellspring of Innovation database.
Talking about the tie-up, BH Jajoo, dean - academics, IIM-A said, "Getting IIT for innovation and technology, NID for design, IIMA for business acumen and using the vast experience of Stanford is commendable. Innovation is not just the forte of IIMs and IITs but everyone should get an opportunity to participate and VentureStudio will fulfill that."
"VentureStudio aims to unlock the value of the talent at these institutions to create innovative new businesses that build on the entrepreneurial spirit of Gujarat, business friendly environment, the availability of financial resources, and the experience of existing high-growth industry nearby," said Vikram Parmar, director, VentureStudio.
